TTC fare hike comes into effect with the New Year

The year 2013 is here, and that means you’ll have to shell out a little more money in order to ride the TTC.

The price of a single token has increased by five cents, while the cost for a weekly pass has increased by a dollar to a total of $38.50.

The price of a Metropass has also increased by $2.50 to a total of $128.50.

The cash fare of $3 for a ride will remain unchanged, however.

TTC CEO Andy Byford told 680News the city isn’t opening its wallet any wider so the money has to come from somewhere.

“We have to increase service because we’re carrying record numbers of people [...] and we think it’s only fair to at least ask for a modest fair increase from our riders, so it will be restricted to five cents, which is pretty much in line with the rate of inflation,” Byford said.

Ridership is up five per cent at 528-million.

However, Byford said passengers will actually get something for the higher price

“We will continue to improve the service that they get [...] this just costs a bit of money, but I am very keen to give customers something back in return for the small additional fare that we ask,” he added.

The TTC plans to roll out debit and credit card payment system for monthly passes at most of its collector booths by the end of 2012.

What else will cost you more in 2013? Water service rates are expected to jump by nine per cent while the cost of recycling electronics is also increasing.